OPEC Meeting In The Spotlight Amid Slew Of Data


The major U.S. index futures are pointing to a mixed opening on Wednesday, as traders keep a close eye on the highly anticipated OPEC meeting in Vienna.

Trading is likely to be driven by reaction to news out of the OPEC meeting, with the price of crude oil surging higher amid optimism the members of the cartel will reach an agreement on cutting production. An OPEC delegate told Bloomberg members have agreed to cut production by 1.2 million barrels to 32.5 million barrels a day.

The spotlight on the OPEC meeting may overshadow some key economic data, including a report from payroll processor ADP showing stronger than expected private sector job growth in November.

Stocks moved mostly higher in morning trading on Tuesday but gave back some ground late in the session. The major averages pulled back well off their best levels of the day but managed to close in positive territory.



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